Health Minister Greg Hunt made the announcement in a media conference this afternoon.
The Prime Minister has asked health officials to consider the ban following the coronavirus pandemic.
It follows the United States suspending all travel from the continent.
Mr Hunt said there were 128 confirmed cases of coronavirus in Australia, which already has travel bans in place for China, Iran, South Korea and Italy.
A European travel ban would mean all Australian citizens and permanent residents returning from Europe would be required to self isolate for two weeks.
International visitors would be prevented from entering the country entirely.
“We will continue to follow the medical advice,” Mr Hunt said.
Earlier this week the government extended the travel ban to Italy, which has the largest outbreak outside of China.
US President Donald Trump announced the US ban today but raised eyebrows when he exempted the UK.
“To keep new cases from entering our shores we will be suspending all travel from Europe to the United States for the next 30 days,” he said.
More to come